First Mid Bancshares in Mattoon, Ill., has agreed to buy two insurance agencies to expand its dealings in transportation and agriculture.
The $5.8 billion-asset company said in a press release Monday that its First Mid Insurance Group unit had bought Truck Insurance Specialists and Hometown Insurance. First Mid did not disclose the price it paid.
First Mid said in the release that the acquisition should provide opportunities to offer insurance services to its specialty finance division in Indianapolis.
Patrick Patkunas, president of Truck Insurance, joined First Mid as president of its transportation division.
The acquisitions "will provide us with greater industry niche expertise in vital areas like trucking and agriculture and will help support First Mid’s strategic agricultural focus and recent expansion into Missouri with the Providence Bank acquisition,” Clay Dean, CEO of First Mid Insurance Group, said in the release.
